# Table 8: Inflation Targeting Interactions with Demographics

| Variable | Full | Pre-GFC | Post-GFC |
|---|---|---|---|
| Z_1 | -20.280 (16.299) | -19.998 (19.694) | 2.111 (20.578) |
| Z_2 | 3.090 (2.171) | 3.845 (2.638) | -1.117 (2.780) |
| Z_3 | -0.120 (0.082) | -0.170* (0.100) | 0.065 (0.105) |
| it_adopter | -0.018 (0.590) | -0.300 (0.743) | 0.261 (0.771) |
| Z_1_x_it | 25.187 (28.852) | 39.981 (34.868) | 12.360 (39.760) |
| Z_2_x_it | -4.122 (3.821) | -6.431 (4.807) | -1.248 (5.278) |
| Z_3_x_it | 0.170 (0.143) | 0.267 (0.186) | 0.032 (0.195) |
| rgdp_growth | -0.112*** (0.024) | -0.246*** (0.044) | -0.095*** (0.029) |
| output_gap | 0.317*** (0.041) | 0.105* (0.057) | 0.441*** (0.050) |
| fiscal_bal_gdp | 0.067** (0.029) | 0.024 (0.041) | 0.091** (0.037) |
| kaopen | -1.745*** (0.175) | -1.678*** (0.185) | -0.934** (0.474) |
| nfa_gdp_lag | 0.107 (0.325) | -0.833 (0.583) | -0.101 (0.318) |
|---|---|---|---|
| R² | 0.288 | 0.404 | 0.139 |
| N obs | 926 | 510 | 416 |
| N countries | 26 | 26 | 26 |